[IMGCAP(1)]PLANO, TX-In less than 24 hours, Mosaic ResidentialInc. has bed down its first deals in North Texas, grabbinga pair of class B complexes from different sellers. Sources confirmthat the 368-unit acquisition came within 20% of the $21.4-millionaggregate ask.
The Houston-based value-add buyer tells GlobeSt.com that theplan is to pump another $4,500 to $5,500 per unit into thejust-bought a 208-unit complex at 1717 Independence Pkwy. and160-unit one at 2821 Townbluff Dr. The complexes, situated aboutone mile apart, have been renamed Cornerstone Ranch and LaurelRidge Apartments, formerly Prairie Place and Briardale,respectively.
“It's our goal to take them to a strong B plus in an Alocation,” says Jay O'Connor, a Mosaic partner. Both complexes havefrontage along one of the city's primary arteries, IndependenceParkway.
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